Publisher Glu Mobile has released its financial results for the third quarter of 2009, revealing a significantly lowered net loss to counter decreased revenue.

Glu's third quarter, ending on September 30th, saw the company take a net loss of $3.99 million, down from 2008's Q3 losses of $56.9 million. Glu estimates that the figure results in a 13 cent drop per share, as compared to 2008's $1.93 per-share loss.

Glu Mobile's third-quarter revenue fell 18% to $19.6 million. The company's revenue for the third quarter of 2008 totaled $23.9 million.

Glu also notes that its operations managed to generate a positive cash flow for the second quarter in a row. 2009's third quarter saw Glu earning $2.7 million from operations.

"We were pleased with the company's ability to exceed expectations for the third consecutive quarter and remain optimistic that our recently launched titles for the iPhone will improve our paid app ranking," said Glu chief executive officer Greg Ballard. "We are also excited about the upcoming launch of our social network game initiative and anticipate our investment to gain traction as we develop and launch new titles in this growing sector of the gaming market."